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A-3. PURCHASE SALE AGREEMENT WITH DREXLER DEVELOPMENT, INC. FOR REAL PROPERTY Approve a Purchase Sale Agreement with Drexler Development, Inc., an Arizona corporation (Seller), or its successor/assignee, for the purchase of real property at 159 South Power Road in Mesa for $925,000.00 plus closing costs and authorize the Chairman to execute all documents, assignments, assumptions, covenants, and agreements associated with the subject purchase; and authorize staff to complete due diligence and escrow closing requirements for the subject purchase at a cost not-to-exceed $100,000.00. The subject Purchase Agreement includes an earnest money deposit of Fifty Thousand Dollars ($50,000.00) to be applied toward the purchase price of $925,000.00 at closing. In addition to the purchase price, the county will be responsible for its share of closing costs, various due diligence costs and transfer of ownership expenses at a total cost not-to-exceed $100,000.00. Maricopa County will have a sixty (60) day maximum due diligence period during which time any earnest money deposited into escrow is refundable to the County in the event the County cancels the purchase through proper notice. Upon expiration of the due diligence period, the earnest money is non-refundable. Close of escrow occurs within thirty (30) days after the end of the contingency period. The property being purchased is situated at 159 S. Power Road in Mesa and consists of approximately 1.4 acres of land; two (2) one-story gray-shell office buildings totaling approximately 9,938 gross square feet; and approximately 74 parking spaces. This item was discussed in Executive Session on January 23, 2012. (C-18-12-027-3-00)